GigaCloud Technology (NASDAQ:GCT) Stock Price Up 3.5%

GigaCloud Technology Inc. (NASDAQ:GCT)’s stock price rose 3.5% during mid-day trading on Wednesday . The company traded as high as $30.65 and last traded at $30.43. Approximately 372,941 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 2,831,232 shares. The stock had previously closed at $29.39.

Analyst Ratings Changes

GCT has been the subject of a number of research analyst reports. Roth Mkm lifted their target price on shares of GigaCloud Technology from $28.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Maxim Group initiated coverage on shares of GigaCloud Technology in a research note on Wednesday, May 22nd. They issued a “buy” rating and a $69.00 target price for the company.

GigaCloud Technology Stock Up 2.3 %

The firm has a market cap of $1.23 billion, a price-to-earnings ratio of 11.72 and a beta of 1.87. The business’s fifty day moving average is $33.27 and its two-hundred day moving average is $29.14.

GigaCloud Technology (NASDAQ:GCT) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.33. GigaCloud Technology had a net margin of 12.74% and a return on equity of 41.24%. The business had revenue of $251.08 million during the quarter, compared to analyst estimates of $235.00 million. During the same quarter last year, the business posted $0.39 earnings per share. Research analysts forecast that GigaCloud Technology Inc. will post 3.25 EPS for the current year.

Insiders Place Their Bets

In other GigaCloud Technology news, Director Frank Hurst Lin sold 81,537 shares of GigaCloud Technology stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $29.83, for a total transaction of $2,432,248.71. Following the completion of the sale, the director now owns 4,447,352 shares of the company’s stock, valued at approximately $132,664,510.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Lei Wu sold 44,000 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $40.21, for a total value of $1,769,240.00. Following the completion of the transaction, the chief executive officer now owns 533,816 shares of the company’s stock, valued at approximately $21,464,741.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frank Hurst Lin sold 81,537 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $29.83, for a total transaction of $2,432,248.71. Following the completion of the transaction, the director now directly owns 4,447,352 shares of the company’s stock, valued at approximately $132,664,510.16. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,393,745 shares of company stock valued at $48,894,889. Company insiders own 43.00% of the company’s stock.

Hedge Funds Weigh In On GigaCloud Technology

Several institutional investors and hedge funds have recently made changes to their positions in GCT. CWM LLC acquired a new position in shares of GigaCloud Technology in the 4th quarter valued at $30,000. Quarry LP bought a new stake in GigaCloud Technology in the 4th quarter valued at $47,000. Tucker Asset Management LLC lifted its position in GigaCloud Technology by 1,499.8% in the 4th quarter. Tucker Asset Management LLC now owns 7,999 shares of the company’s stock valued at $146,000 after acquiring an additional 7,499 shares in the last quarter. Foundations Investment Advisors LLC bought a new stake in GigaCloud Technology in the 4th quarter valued at $207,000. Finally, Avantax Advisory Services Inc. bought a new stake in GigaCloud Technology in the 4th quarter valued at $226,000. Institutional investors and hedge funds own 34.94% of the company’s stock.

GigaCloud Technology Company Profile

GigaCloud Technology Inc provides end-to-end B2B ecommerce solutions for large parcel merchandise in the United States and internationally. The company offers GigaCloud Marketplace integrates product discovery to payments to logistics tools into one easy-to-use platform. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.